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Stock Options
 9 Months Ended
Dec. 31, 2012
Stock Options [Abstract]  
Stock Options
16. Stock Options

The Company granted options to purchase 632,800 and 6,000 shares of common stock during the nine months ended December 31, 2012 and 2011, respectively, of which 626,800 were granted during the three months ended December 31 2012. The cost associated with stock options is estimated using the Black-Scholes option-pricing model. The Black-Scholes option pricing model requires the input of subjective assumptions including the expected volatility of the underlying stock and the expected holding period of the option. These subjective assumptions are based on both historical and other information. Changes in the values assumed and used in the model can materially affect the estimate of fair value.
 
The table below summarizes the Black-Scholes option pricing model assumptions used to derive the weighted average fair value of the stock options granted during the periods noted.

   
Nine Months Ended
 
   
December 31,
 
 
 
2012
  
2011
 
Weighted average risk free interest rate
  1.16 %  2.30 %
Weighted average expected holding period (years)
  6.60   6.15 
Weighted average expected volatility
  44.25 %  39.02 %
Weighted average expected dividend yield
  -   - 
Weighted average fair value of options granted
 $2.92  $5.95 

A summary of stock option transactions for the nine months ended December 31, 2012 follows:

   
Number of
  
Weighted Average
 
 
 
Shares
  
Exercise Price
 
Outstanding at March 31, 2012
  1,462,284  $9.15 
Granted
  632,800  $6.47 
Exercised
  (26,500) $2.75 
Cancelled
  -  $- 
Outstanding at December 31, 2012
  2,068,584  $8.41 

At December 31, 2012, options to purchase 1,648,183 share of common stock were exercisable at the weighted average exercise price of $8.89.

A summary of changes in the status of non-vested stock options during the nine months ended December 31, 2012 is presented below:

   
Number of
Shares
  
Weighted Average
Grant Date Fair
Value
 
Non-vested at March 31, 2012
  15,000  $4.18 
Granted
  632,800  $2.92 
Vested
  (227,399) $2.97 
Non-vested at December 31, 2012
  420,401  $2.94 

At December 31, 2012, there was $1,193,000 of total unrecognized compensation expense from stock-based compensation granted under the plans, which is related to non-vested shares. The compensation expense is expected to be recognized over a weighted average vesting period of 2.4 years.